Next into the tank is Jae Kim of Chi’Lantro, seeking $600,000 for 15 percent equity.
Chi’Lantro “fuses Korean and Mexican flavors to inspire the way you think about and eat Korean bbq,” according to their website. Their menu includes rice bowls, burgers, tacos, burritos and original kimchi fries. Their food truck menu includes breakfast tacos, Korean BBQ offerings and various veggies and toppings. According to their website, they got their “start in February 2010 with a single food truck and a mission to inspire the way people eat and think about Korean BBQ.” They have multiple locations throughout the Austin, Texas area.
This was my 3rd attempt at trying out for Shark Tank. It meant so much more because I kept trying and trying just to have the opportunity to share my vision and passion with the sharks and millions of people around the world. Please join us and tune in to Shark Tank tomorrow, at 8pm CT -Jae Kim, founder and server at Chi'Lantro #americandream #austin #texas
He details his journey to developing a vision for the business after his first coffee shop failed. Mark Cuban is impressed by his story, while Kevin O’Leary loves the food. They did $4.7 million in sales last year and hope to use an investment from the shark to further grow the business. They are all inspired by the fact that he has truly lived out the American Dream.
Guest shark Chris Sacca, who has invested in multiple restaurants, likes the food, but goes out. O’Leary worries about new restaurants that could fail and goes out. Cuban is inspired, however, because he is not “a restaurant guy,” he goes out. Lori Greiner likes the food as well but doesn’t see it as a good investment given his business model. Barbara Corcoran cites her previous restaurant investments as well and offers $600,000 for 30 percent, with the intention to franchise. He counters at 20 percent, which she accepts.
Each week on “Shark Tank,” budding entrepreneurs have the opportunity to pitch their emerging business to six multi-millionaire and billionaire investors, known as sharks: Mark Cuban, owner of the Dallas Mavericks; Daymond John, fashion mogul and founder of FUBU; Kevin O’Leary, self-proclaimed Mr. Wonderful and founder of O’Leary Financial Group; Barbara Corcoran, real estate maven; Lori Greiner, queen of QVC; and Robert Herjavec, technology guru and founder/CEO of the Herjavec Group. Venture capitalist Chris Sacca is also slated to appear as a guest shark this season.
“Shark Tank,” which is based on “Dragons’ Den,” is produced by Mark Burnett and first debuted in 2009. To date, the sharks have invested more than $87 million in various companies after engaging in numerous bidding wars and shark fights. A new episode airs each Friday at 9 p.m. on ABC.
Social Media Reacts to Chi’Lantro’s Appearance on “Shark Tank”:
— StrangeBird ✨ (@CheepTalkin) November 12, 2016
— Elsa❤️ (@Elsa050467) November 12, 2016
— Kris/ 크리스 (@GalaxysDragon) November 12, 2016
So much traffic Chi'lantro's websites crashed. I'm gonna need someone in Philly to franchise one here #SharkTank
— Hiiiiiiiiii :) (@CulturallyAlive) November 12, 2016
— Helen Kosterman (@helenkosterman) November 12, 2016
That Chi'Lantro dude needs to do a cookbook #SharkTank
— HorrorCat (@Teawench) November 12, 2016
Would you try Chi’Lantro? Sound off in the comments section below!